Conroy Gold and Natural Resources plc (AIM: CGNR), the Ireland-focused gold and base metals exploration company, has published its final results for the year ended 31 May 2026, reporting a narrowed loss after taxation of €388,977 against €633,394 the prior year. The company completed four drill holes totalling 1,409 metres at its flagship Clontibret deposit, achieving the deepest gold mineralisation recorded at the site to date. Alongside the operational update, the company disclosed a significant debt restructuring and plans for a dual listing on the Toronto Venture Exchange (TSXV), developments investors are likely to monitor closely.

Key Points

  • Conroy Gold and Natural Resources plc (AIM: CGNR)
  • Four drill holes covering 1,409 metres completed at Clontibret during the financial year, with the first deep hole intersecting a gold zone at approximately 410 metres depth (4m at 0.5g/t Au)
  • Loss after taxation narrowed to €388,977; net assets rose to €22,010,039; cash at period end stood at €210,387; auditors flagged a material uncertainty over going concern
  • Investors should watch for the TSXV listing progress, results from Clay Lake drilling, and the forthcoming second-phase drill programme at Clontibret

Clontibret Drilling Reaches Record 585m Depth and Identifies Buddingtonite Alteration Zones

During the financial year, Conroy Gold drilled four holes at Clontibret across its 967km² licensed area in Ireland. The first deep hole intersected gold mineralisation at approximately 410 metres vertical depth, the deepest recorded at the deposit. In the current financial year, a second deep hole (CGC-25-007) successfully identified gold mineralisation on both sides of the stockwork zone at approximately 585 metres vertical depth. Additionally, two drill holes returned buddingtonite alteration zones — the first such observations at Clontibret — alongside intersections including 1 metre at 16.7g/t Au and 3.5 metres at 4.8g/t Au, strengthening geological analogies with the high-grade Fosterville Gold Mine in Australia.

Debt Restructuring and £1,728,700 Private Placement Underpin Financial Repositioning

The company significantly restructured its balance sheet during the period. Liabilities in excess of €3.3 million owed to current and former directors were converted into a capped net smelter royalty payable from future commercial production, with additional deeply out-of-the-money options also agreed. Following this restructuring, the company raised £1,728,700 at 10p per share in an October 2025 private placement, primarily supported by North American mining investors. A further £433,035 was raised through the exercise of 9.5p warrants from a prior fundraising. Net assets increased to €22,010,039 from €20,526,199, though the auditors noted a material uncertainty regarding going concern given net current liabilities of €1,124,298 as at 31 May 2026.

Clay Lake Programme Advances and TSXV Dual Listing Initiated to Broaden Investor Base

Beyond Clontibret, Conroy Gold drilled two holes (CGA-26-001 and CGA-26-002) covering 969 metres at Clay Lake in Northern Ireland, located 7.5km from Clontibret along the interpreted continuous geological fault. Laboratory results from this programme were awaited at the time of the announcement. The company also commenced preparatory work towards a TSXV listing, which the board states would expand access to natural-resource-focused investors, particularly in North America. A further £1,313,000 financing completed in August 2026 at 8p per share is intended to fund the next drilling phase at both Clontibret and Clay Lake, alongside TSXV listing costs and general working capital.

Clontibret Resource Base and "Discs of Gold" Project Scope Provide Strategic Context

Conroy Gold's "Discs of Gold" project comprises two parallel district-scale gold trends extending approximately 90km across Ireland, 100% held under licence by the company. The Clontibret deposit holds a currently defined 517,000-ounce gold resource at 2.0g/t Au (320,000oz Indicated and 197,000oz Inferred, 2017 estimate), which remains open in multiple directions. The company has identified seven additional gold targets within its licensed area, with Clay Lake and Creenkill considered of particular interest. The board has stated its ultimate ambition is to develop a world-class mine, though the going-concern notice from auditors highlights the ongoing requirement to raise additional funds to execute exploration plans.